PUNE, India -- The report "Military Laser Systems Market by Technology (Fiber Laser, Solid-State, Chemical Laser, CO2 Laser, Semiconductor Laser), Application (Defense, Homeland Security), Product Type - Forecast and Analysis to 2020" published by MarketsandMarkets, analyzes and studies the major market drivers, restraints/challenges, and opportunities.The market is projected to reach USD 4.63 Billion by 2020, at a CAGR of 8.86% from 2015 to 2020.
The laser weapon segment is expected to dominate the military laser systems market, among all products.
Based on products, the Military Laser Systems Market is segmented into Laser Designator, LIDAR, 3D Scanning, Laser Weapon, Laser Range Finder, Ring Laser Gyro, and Laser Altimeter. The 3D scanning market is anticipated to be highly profitable during the forecast period. China has increased its defense budget and it would be procuring more military aircraft, submarines, and tactical missiles. This will fuel the growth of the laser technology market in this sector.
The defense application is anticipated to grow at the highest CAGR during the forecast period.
Based on applications, the market is segmented into defense and homeland security. Among the defense and homeland security applications, defense is a major field where military laser systems are more functional. The defense application segment holds the largest share of the total military laser systems market in 2015 due to increase in applications and technological requirements in lethal weapons for military forces, globally.
The solid-state laser segment is expected to dominate the military laser systems market, among all technologies.
Based on technologies, the military laser systems market is segmented into Fiber Laser, Solid-State Laser, Chemical Laser, CO2 Laser, and Semiconductor Laser. The solid-state laser market is estimated to hold the largest market share in 2015 of the military laser systems market. The chemical laser market is projected to grow at the highest CAGR during the forecast period. This is due to the continuous rise in the R&D activities of military laser systems in the U.S. as well as the in the emerging economies such as India and China.
The military laser systems market in the Middle East is expected to grow at the highest CAGR during the forecast period
On the basis of regions, the market is divided into North America, Europe, Asia-Pacific, the Middle East, and rest of the world (RoW). Regions such as Latin America and Africa are covered under RoW. In 2015, North America is estimated to account for the largest share of the military laser systems market. However, this market in the Middle Eastern region is projected to grow at the highest CAGR from 2015 to 2020. This growth is mainly attributed due to the enhancement in the force protection against small boat swarms, unmanned aerial vehicles or rocket, artillery, and mortar or missile attack.
Raytheon Company (U.S.): The top player in the military laser systems market
A strong focus on innovation is observed in the military laser systems market. The rich pipeline of innovative products in the military laser systems market opens an array of opportunities for the market. Players are particularly focused on making devices that are compact and efficient.
Some major players operating in the military laser systems market are Raytheon Company (U.S.), Coherent Inc. (U.S.), Newport Corporation (U.S.), Lockheed Martin Corporation (U.S.), and Thales SA (France). Other competitors of this market include Northrop Grumman Corporation (U.S.), American Laser Enterprises, LLC (U.S.), BAE Systems PLC (U.K.), Frankfurt Laser Company (Germany), and Quantel (France).
Browse 90 market data Tables and 75 Figures spread through 149 Pages and in-depth TOC on "Military Laser Systems Market" at http://www.marketsandmarkets.com/Market-Reports/military-laser-systems-market-154285551.html
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